Bookkeeping For Canadians For Dummies
Bookkeeping made easy

Bookkeeping is an essential skill required in every industry, with a certain concentration in wholesale and retail trade, manufacturing, payroll services, accounting and tax preparation. If you’re a small business owner looking for clear and concise instructions on keeping the books, tracking transactions, recognizing assets and liabilities and keeping ledgers and journals, this book is your one-stop guide to making it easier! 

Bookkeeping For Canadians For Dummies covers how to create financial statements and also shows how to operate accounts for businesses. In addition, it teaches you how to recognize the assets and liabilities to the business.  

  • Keep the books
  • Track transactions
  • Compete against larger competitors
  • Stay on top of journals

Small business owners keeping their own books will rejoice to have this handy guide by their side!

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Bookkeeping For Canadians For Dummies
Bookkeeping made easy

Bookkeeping is an essential skill required in every industry, with a certain concentration in wholesale and retail trade, manufacturing, payroll services, accounting and tax preparation. If you’re a small business owner looking for clear and concise instructions on keeping the books, tracking transactions, recognizing assets and liabilities and keeping ledgers and journals, this book is your one-stop guide to making it easier! 

Bookkeeping For Canadians For Dummies covers how to create financial statements and also shows how to operate accounts for businesses. In addition, it teaches you how to recognize the assets and liabilities to the business.  

  • Keep the books
  • Track transactions
  • Compete against larger competitors
  • Stay on top of journals

Small business owners keeping their own books will rejoice to have this handy guide by their side!

31.99 In Stock
Bookkeeping For Canadians For Dummies

Bookkeeping For Canadians For Dummies

Bookkeeping For Canadians For Dummies

Bookkeeping For Canadians For Dummies

Paperback(3rd ed.)

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Overview

Bookkeeping made easy

Bookkeeping is an essential skill required in every industry, with a certain concentration in wholesale and retail trade, manufacturing, payroll services, accounting and tax preparation. If you’re a small business owner looking for clear and concise instructions on keeping the books, tracking transactions, recognizing assets and liabilities and keeping ledgers and journals, this book is your one-stop guide to making it easier! 

Bookkeeping For Canadians For Dummies covers how to create financial statements and also shows how to operate accounts for businesses. In addition, it teaches you how to recognize the assets and liabilities to the business.  

  • Keep the books
  • Track transactions
  • Compete against larger competitors
  • Stay on top of journals

Small business owners keeping their own books will rejoice to have this handy guide by their side!


Product Details

ISBN-13: 9781119522133
Publisher: Wiley
Publication date: 11/29/2018
Edition description: 3rd ed.
Pages: 384
Product dimensions: 7.40(w) x 9.20(h) x 1.00(d)

About the Author

Lita Epstein, MBA designs and teaches online courses on investing for retirement, getting ready for tax time, and finance and investing for women.

Cécile Laurin, CPA, CA is a Chartered Professional Accountant and teacher based in Ottawa.

Table of Contents

Introduction 1

About This Book 2

Foolish Assumptions 2

Icons Used in This Book 3

Beyond the Book 4

Where to Go from Here 4

Part 1 Basic Bookkeeping: Why You Need It 5

Chapter 1 So You Want to Do the Books 7

Delving into Bookkeeping Basics 7

Choosing your accounting method 8

Understanding assets, liabilities, and equity 9

Introducing debits and credits 9

Charting your bookkeeping course 9

Recognizing the Importance of an Accurate Electronic or Paper Trail 10

Maintaining a ledger 10

Keeping journals 11

Considering computerizing 11

Instituting internal controls 11

Using Bookkeeping's Tools to Manage Daily Finances 12

Maintaining inventory 12

Tracking sales 12

Handling payroll 13

Running Tests for Accuracy 13

Proving out your cash 14

Testing your balance 14

Doing bookkeeping corrections 14

Showing Off Your Financial Success 14

Preparing financial statements 15

Paying income taxes 15

Getting a Business Number (BN) 15

Chapter 2 Getting Down to Bookkeeping Basics 25

Bookkeepers: The Record Keepers of the Business World 25

Wading through Basic Bookkeeping Lingo 26

Accounts for the balance sheet 27

Accounts for the income statement or statement of earnings 28

Other common terms 28

Pedalling through the Accounting Cycle 30

Exploring Cash and Accrual Accounting 32

Cash-basis accounting 32

Recording by using accrual accounting 33

Seeing Double with Double-Entry Bookkeeping 34

Differentiating Debits and Credits 37

Chapter 3 Outlining Your Financial Roadmap with a Chart of Accounts 39

Getting to Know the Chart of Accounts 40

Starting with Balance Sheet Accounts 41

Tackling assets 42

Laying out your liabilities 46

Eyeing equity 48

Tracking Income Statement Accounts 49

Recording the money you make 49

Tracking the cost of sales 50

Acknowledging the money you spend 51

Setting up your Chart of Accounts 53

Part 2 Keeping a Paper or an Electronic Trail 57

Chapter 4 Ledgers: A One-Stop Summary of Your Business Transactions 59

The Eyes and Ears of a Business 60

Developing Summary Entries for the General Ledger 60

Posting Entries to the General Ledger 64

Adjusting Entries and Accrual Accounting 68

Using Computerized Transactions to Post and Adjust in the General Ledger 69

Chapter 5 Keeping Journals 73

Establishing a Transaction's Point of Entry 74

When Cash Changes Hands 74

Keeping track of incoming cash 75

Following outgoing cash 77

Managing Sales like a Pro 79

Keeping Track of Purchases 81

Dealing with Transactions that Don't Fit 82

Posting journal Information to Accounts 85

Simplifying Your Journaling with Computerized Accounting 87

Dealing with Sales Taxes 91

Goods and services tax and harmonized sales tax (GST/HST) 91

Provincial sales tax or retail sales tax (PST/RST) 93

Chapter 6 Computer Options for Your Bookkeeping 95

Surveying Your Software Options 96

Sage 50 Accounting 97

QuickBooks Online 98

Setting Up Your Computerized Books 98

Customizing software to match your operations 101

Converting your manual bookkeeping to a computerized system 103

Chapter 7 Controlling Your Books, Your Records, and Your Money 105

Putting Controls on Your Business's Cash 106

Chequing accounts 106

Savings accounts 110

Petty cash accounts 110

Cash registers 111

Keeping the Right Paperwork 113

Creating a filing system 114

Figuring out what to keep and for how long 115

Protecting Your Business against Internal Fraud 116

Facing the reality of financial fraud 117

Dividing staff responsibilities 118

Balancing control costs 121

Protecting Your Cash through Employee Bonding 122

Part 3 Tracking Day-to-Day Business Operations 123

Chapter 8 Buying and Tracking Your Purchases 125

Keeping Track of Inventory 126

Taking a physical count 127

Calculating the cost of goods sold 128

Entering the initial cost 129

Managing inventory and its book value 130

Buying and Monitoring Supplies 135

Staying on Top of Your Bills 136

Chapter 9 Counting Your Sales 139

Collecting on Cash Sales 140

Discovering the value of sales receipts 140

Recording cash transactions in the books 142

Selling on Credit 143

Deciding whether to offer credit 143

Recording sales-on-account transactions in the books 145

Proving Out the Cash Register 148

Tracking Volume Discounts 149

Recording Sales Discounts 151

Recording Sales Returns and Allowances 151

Recording Service Revenue 154

Accrued revenue 155

Unearned revenue 155

Monitoring Accounts Receivable 157

Accepting and Expecting Your Losses 159

Recovering GST/HST 160

Chapter 10 Employee Payroll and Benefits 161

Staffing Your Business 161

Remembering two critical numbers 162

Filling out TD1 - Personal Tax Credits Return 163

Choosing pay periods 164

Investigating laws concerning employment 165

Collecting Employee Taxes 166

Canada and Québec Pension Plans (CPP/QPP) 167

Employment insurance (El) 168

Combined income tax withheld 169

Determining Net Pay 169

Considering Voluntary Deductions 170

Surveying Your Benefits Options 171

Tax-exempt benefits 172

Taxable benefits 174

Preparing Payroll and Posting It in the Books 175

Calculating payroll for hourly employees 175

Doling out funds to salaried employees 175

Totalling up for commission cheques 176

Counting tips and gratuities 177

Preparing and Recording Payroll Cheques 178

Outsourcing Payroll and Benefits Work 180

Chapter 11 Employer-Paid Benefits and Government Payroll Reporting 181

Paying Employer Portions of CPP/QPP and El 182

Filing Form PD7A 182

Knowing how often to file 183

Workers' Compensation Program (WCB) - Workplace Safety and Insurance Board (WSIB) 184

Maintaining Employee Records 185

Keeping track of employee records with software 186

Completing a Record of Employment (ROE) for departing employees 187

Part 4 Preparing the Books for Year's (Or Month's) End 189

Chapter 12 Depreciating Your Assets 191

Defining Depreciation 192

Knowing what you can and can't depreciate 193

Delving into cost basis 194

Reducing the Book Value or Carrying Amount of Fixed Assets 194

Evaluating your depreciation options 195

Choosing and changing a depreciation method 198

Tackling Taxes and Depreciation 198

Capital cost allowance (CCA) 199

Figuring out the useful life of a fixed asset 200

Setting Up Depreciation Schedules 200

Considering Impairments of Fixed Assets 201

Recording Depreciation Expenses 202

Chapter 13 Paying and Collecting Interest 203

Deciphering Types of Interest 204

Simple interest 204

Compound interest 205

Handling Interest Income 206

Delving into Loans and Interest Expense 207

Short-term debt 207

Long-term debt 211

Chapter 14 Proving Out the Cash 215

Why Prove Out the Books? 215

Making Sure Ending Cash Is Right 216

Summarizing the Cash Journals 218

Finalizing cash receipts 219

Finalizing cash outlays 223

Reconciling Bank Accounts 224

Tracking down errors 225

Using a computerized system 227

Posting Adjustments and Corrections 228

Chapter 15 Finalizing the Journals 229

Prepping to Post: Checking for Accuracy and Tallying 229

Paying attention to initial transaction details 230

Summarizing journal entries 230

Analyzing summary results 234

Planning for cash flow 234

Posting to the General Ledger 235

Checking Out Computerized Journal Records 236

Chapter 16 Checking Your Accuracy by Trial and - We Hope - No Error 241

Working with a Manual Trial Balance 242

Building your trial balance 242

Dealing with trial balance errors 244

Testing Your Balance by Using Computerized Accounting Systems 246

Developing a Financial Statement Worksheet 248

Replacing Worksheets with Computerized Reports 250

Chapter 17 Adjusting the Books 253

Adjusting All the Right Areas 253

Depreciating assets 254

Allocating prepaid expenses 256

Counting inventory 257

Allowing for bad debts 258

Recognizing unpaid salaries and wages 260

Accruing for unpaid services 261

Accruing for unpaid interest 262

Accruing for revenue 263

Adjusting for unearned revenue 264

Testing an Adjusted Trial Balance 265

Changing Your Chart of Accounts 266

Using the QuickBooks Journal Entry Feature 267

Part 5 Reporting Results and Starting Over 269

Chapter 18 Developing a Balance Sheet 271

What Is a Balance Sheet? 271

Gathering Balance Sheet Ingredients 272

Dividing and listing your assets 273

Acknowledging your debts 277

Naming your owners' investments 278

Ta-Dahl Pulling Together the Final Balance Sheet 279

Account format 280

Report format 280

Putting Your Balance Sheet to Work 282

Testing your liquidity 282

Assessing your debt 283

Generating Balance Sheets Electronically 284

Chapter 19 Producing an Income Statement 285

What Is an Income Statement? 285

Formatting the Income Statement 288

Preparing the Income Statement 289

Finding net sales 289

Finding cost of goods sold 290

Drawing remaining amounts from your worksheet 290

Gauging your cost-of-goods-sold 292

Deciphering Gross Profit 292

Monitoring Expenses 293

Using the Income Statement to Make Business Decisions 294

Testing Profits 295

Return on sales 296

Return on assets 297

Return on equity 297

Branching Out with income Statement Data 298

Chapter 20 Completing Year-End Payroll and Reports 301

Year-End Employee Reporting 301

Preparing T4s 302

Producing T4s with QuickBooks 305

Filing T4s 305

Preparing the T4 Summary 306

Chapter 21 Satisfying the Taxman 309

Finding the Right Business Type 309

Sole proprietorship 310

Partnership 310

Limited partnership (LP) 311

Limited liability partnership (LLP) 311

Corporations 311

Tax Reporting for Sole Proprietors 313

Capital cost allowance 314

Business expenses 314

Tax instalments 315

Filing Tax Forms for Partnerships 315

Paying Corporate Taxes 316

Taking Care of Sales Taxes Obligations 316

Using QuickBooks 318

Chapter 22 Prepping the Books for a New Accounting Cycle 319

Finalizing the General Ledger 320

Zeroing out income statement accounts 320

Carrying over balance sheet accounts 320

Conducting Year-End Bookkeeping Tasks 321

Checking customer accounts 321

Assessing vendor accounts 321

Updating your inventory records 322

Deactivating accounts 322

Starting the Cycle Anew 323

Part 6 The Part of Tens 325

Chapter 23 Top Ten Ways to Manage Your Business Cash with Your Books 327

Charting the Way 327

Balancing and Posting Your Entries 328

Reconciling Your Bank Account 328

Tracking Customer Collections 328

Paying Bills Accurately and on Time 329

Planning Profits 329

Comparing Budget to Actual Expenses 329

Comparing Sales Goals to Actual Sales 329

Tracking Cost Trends 330

Making Pricing Decisions 330

Chapter 24 Top Ten Most Important Accounts for Any Bookkeeper 331

Cash 331

Accounts Receivable 332

Inventory 332

Accounts Payable 332

Payroll Taxes Payable 332

Loans Payable 333

Equity 333

Sales 334

Purchases and Cost of Goods Sold 334

Wages and Salaries Expense 334

Appendix: Glossary 335

Index 343

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